Digital transformation at Vietcombank - A never-ending journey

Innovation and creativity - the premise for breakthroughs

In 2018, Vietcombank was the first bank in Vietnam to hire foreign consultants to develop a digital transformation strategy and vigorously implement it. In 2019, Vietcombank launched the "Digital Banking Transformation" project with the aim of promoting the strong development of innovative business models based on digitalization.

In 2020, Vietcombank quickly and successfully put into operation the new Core Banking Signature system and implemented many projects applying modern technology to improve operational and management capacity according to international practices. With breakthrough digital innovations, Vietcombank was honored as "Vietnam's outstanding digital transformation bank".

Transactions at Vietcombank are increasingly convenient thanks to the application of digital transformation in operations.

In 2021, Vietcombank issued two important guiding documents in digital transformation, including: Digital Transformation Action Program and Digital Transformation Plan. Vietcombank has implemented 107 digital transformation initiatives towards two main goals: improving customer experience and optimizing internal processes. VCB Digibank digital solution affirms its position by having the highest number of users in the market, successfully deploying E-KYC solution, Digibiz service. The Information Technology and Digital Transformation Division was officially established on December 1, 2021, playing a core role in the digital transformation of the entire bank. From 2022, Vietcombank will become the leading bank in public service payment in Vietnam and the pioneer bank selected by the Government to provide online payment services for public services on the National Public Service Portal.

Vietcombank has applied modern technology to public service payment activities such as allowing customers to use VCB Digibank, QR Code, contactless payment to promote the implementation of public service payment of ministries, branches, and localities through the National Public Service Portal... Vietcombank is also the first bank to officially deploy the Go-live Electronic Invoice System (e.Invoice) according to the data standards of the General Department of Taxation and is the only bank in Vietnam providing tax collection services for foreign suppliers in Vietnam.

The first sweet fruits

At the event Digital Transformation Day of the Banking Industry with the theme: "Application of population data in banking activities - Driving force for digital transformation" hosted by the State Bank of Vietnam in 2023, Vietcombank introduced to customers and the public the latest digital transformation application products and services, especially products and services with applications connected to the National Population Database of the Ministry of Public Security.

Accordingly, the product group with applications connecting to the national population database of the Ministry of Public Security such as Onboarding by Tablet - a solution for registering banking services using chip-based ID cards, and a credit granting solution in the electronic environment using electronic identification and authentication accounts (VNeID) has attracted the attention of many customers.

Vietcombank staff consult and introduce products and services to customers.

Vietcombank has proactively developed a Digital Banking Transformation Project along with action programs to implement the development strategy to 2025, vision 2030 with more than 300 actions according to 4 pillars: Digital, Data, Technology and Transformation.

Accordingly, Vietcombank continues to deploy many products such as VCB CashUp - a modern payment and cash flow management system for large enterprises; VCB DigiBiz - a digital bank for SMEs; online trade finance services through the VCBCC program; VCB Digibot virtual assistant in 24/7 online customer care activities.

With its achievements in the digital transformation process, Vietcombank has been honored by many prestigious organizations in the country and around the world such as: Typical e-bank (Vietnam Banking Association and IDG); Excellent digital transformation enterprise (VDCA); Best digital transformation bank in Vietnam (The Asian Banker); Top 50 leading brands (Forbes Vietnam); Large enterprise applying information technology most effectively; Sao Khue Award 2022 (Vietnam Software and Information Technology Services Association); received a Certificate of Merit from the Governor of the State Bank for its outstanding achievements in deploying and implementing Project 06 of the Prime Minister.

Source: https://daibieunhandan.vn/chuyen-doi-so-tai-vietcombank-hanh-trinh-khong-ngung-nghi-post409442.html